President Nana Addo Dankwa Akufo-Addo has once again justified his decision to run to the International Monetary Fund (IMF) for a bailout saying it was a painful but necessary decision.
In a speech to the nation on Sunday, May 28, 2023, President Akufo-Addo said that the decision was made after careful consideration of all options.
He said that the IMF deal was necessary to help Ghana’s economy recover from the impact of the COVID-19 pandemic and the war in Ukraine.
“It was a painful decision for me to take, because going to the IMF was not part of the economic transformation agenda I had been pursuing, especially as my government had gone the extra mile to bring to a successful end the IMF programme we inherited from the previous government,” Akufo-Addo said.
The IMF deal is expected to provide Ghana with $3 billion in financial assistance within 36 months.
The deal will also require Ghana to implement a number of economic reforms, such as reducing government spending and other fiscal measures.
Akufo-Addo said that the government is committed to implementing the reforms required by the IMF deal.